Eye Laser Industry - VISX and Summit BEAM Info Message Board

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Biotech / Medical : Eye Laser Industry - VISX and Summit BEAM Info

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To: Daryl Gresham who wrote (40)	9/4/1996 9:46:00 PM
From: AgAuUSA	of 178

Daryl, I looked up the Yahoo stories. I decided to call shareholder services today (9/4/96) at Summit. I found the call enlightening. Presently 5 shareholder suits are pending. Summit indicated they will probably be moved into a class action suit at the co's request. The co states the CEO sold 107,000 shares of about 1.3 million he owned at the time (2/96) in the high 20's. Summit is trying to boost Lens Express sales including direct mail sales. Summit states they are aware of no problems with the co, stating everything is great within the company operations. They indicate that 200 laser machines have been sold and are in use as of the end of the most recently reported quarter. They indicate sales are ongoing and according to plan. They declined to state sales for the present quarter until the figure is released publically. Layoffs were done in order to control costs and boost profits at core operations of Summit. They stated that VISX did file for astigmatism approval. Summit is carefully gathering patients and data for a later filing. Summit states that they are "working hard to get a good data and documents ready for FDA filing and do not want to rush." Summit stated that Visx was the first of the two cos to file for myopia tx and were turned down in 9/94. Summit stated that they then filed for approval with 700 patients and a 2 year followup for each patient. This is the reason they were the first co to receive FDA approval. So, in sum, Summit is working hard on earnings for this quarter, preparing a filing for astigmatism with carefully gathered data and building customer procedure demand (Lens Express) rather than forcing machine sales. Summit was very upbeat and very professional. I was very impressed and I purchased more shares at what I consider a fire sale price (below book). Maybe you want to call shareholder services and check it out yourself. Best, Greg

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